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Deferred tax reporting changes

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Attempts by the IASB and FASB to agree a new IFRS on Income Taxes have failed for the time being. Instead the IASB has made a limited change to IAS 12, designed to simplify the application of the standard for many entities without diverging further from US GAAP. In calculating deferred tax on non-depreciable assets measured at fair value, there is now a presumption, rebuttable in the case of investment properties, that the manner of recovery of the carrying amount of the asset is entirely through sale. Future changes will focus on other topics, including the treatment of uncertain tax positions.

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